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pressed obama his response was, well, under bill clinton there was great economic prosperity. the whole answer of obama is about bill clinton and now nifty the economy was under him. i got to tell you i would have given a limb to see mitt romney turn to the president and say, mr. president, i knew bill clinton. [laughter] our ideas work, their ideas don't. the last four years our economy has grown 1.5% a year. that is less than half the historical average. for 70 years, we have averaged 3.3% growth a year. now, this president is fond of saying he inherited the worst economy in the history of the universe. [laughter] >> and everything by the way, is george w bush's fault. he doesn't have much historical memory when he makes that argument. any of all remember 1978, 1979, double-digit unemployment, 22% interest rates, gas lines, stagflation. in 1980, a very, very different president got elected. ronald reagan like barack obama inherited a struggling economy. and reagan implemented policies 180 degrees opposite those of obama. instead of jacking up taxes, he slashed taxes. instead of explod
since the '30s. >> we were tying it all the way remember with bill clinton, becky, bill clinton realizes no matter what happens the next four years will be good, housing recovers, so if he doesn't make sure the president's reelected then hillary can't run in 2016 because romney would be an eight-year president. whoever is there is going to get credit for it. steve, are we guaranteed the next four years as housing recovers no matter what policies we pursue it's going to be 3% or 4% growth? >> sadly no. in 2008 before we had the financial panic in september and depressed housing markets like phoenix, las vegas and a couple other areas we started to see signs of life again so if you get government out of the way, housing would recover far more quickly and let the markets clear, recover far more quickly. the key thing you got to have stable money, don't pile on new taxes and don't pile on all of the new regulations that are coming. those are crushers. >> i want to know whether reinhardt-rogoff was right. if we stay slow for four years it was more than the financial crisis, that washington po
problems quickly is for that bill to pass through the house. >> the qwest tsin is a few list into what president clinton said overt secretary rate to said that the same version of for the long term sustainability we have to fix the deficit. clinton said that this get the deal to make it ironclad but delay its one-year or two. right now we a continuation of simulation. but do you agree with the conversation to have a grand bargain in to defect right away? o.r. do you agree so as some people. >> my job is economic policy adviser. as an economist, the right strategy is to get our hasselhoff's and order. and to show that we can do those commitments will require additional revenue along with cuts. we want to help in the short term. the president proposed tax cut is to help in the short run. good group with the lowest marginal propensity consumed and the cbo released report which concluded extending the middle-class tax cut would create one point* 6 billion jobs compared to allowing them to expire. that mrs. the fact if you take revenue if you use that to hire more schoolteachers or provide
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